Allocation of Net Income or Loss. Items of income, gain, loss or deduction of the Company for a Fiscal Year shall be allocated among the Members in a manner that is consistent with the interests of the Members in the Company determined under Treasury Regulations Section 1.704-1(b)(3), it being intended that such allocations of income, gain, loss and deduction will be reflected in the Capital Accounts that are maintained under Section 7.1 hereof and will result in Capital Account balances that are, as nearly as possible, equal (proportionately) to the amounts that would be distributed to each Member if (a) the Company were to sell its assets for their book values as maintained for purposes of Code Section 704(b), (b) all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the book value of the assets securing such liability), (c) the Company were to distribute the proceeds of the sale pursuant to Section 6.1 hereof, and (d) the Company were to dissolve, minus any minimum gain and Member minimum gain (as defined in Treasury Regulations Section 1.704-2) and the amount, if any, that such Member is obligated (or deemed obligated) to contribute to the Company. It is the intention of the parties that, to the extent possible and consistent with the economics of this Agreement, the foregoing allocations be respected for U.S. federal income tax purposes and, in furtherance of that intention, a “qualified income offset” provision, a “minimum gain chargeback” provision, and any other such provision described in applicable regulations and deemed desirable by the Managing Member shall be incorporated by reference into this Agreement. Notwithstanding anything to the contrary herein, the Managing Member may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this Agreement taking into account such facts and circumstances as the Managing Member deems reasonably necessary or appropriate for this purpose.
Allocation of Net Income or Loss. Except as otherwise mandated by Treasury Regulations under Section 704 of the Internal Revenue Code, all items of income, gain, loss, deduction, credit or tax preference entering into the computation or net income or loss for any fiscal period shall be allocated, as appropriate based upon the source of such item and to the Members in accordance with their respective percentage interests in the Company.
Allocation of Net Income or Loss. The net income or loss of the Fund for each Fiscal Year shall be allocated among the General Partner at the end of the Fiscal Year, the Limited Partners at the end of the Fiscal Year and Persons who ceased to be Limited Partners in the Fiscal Year in accordance with this Agreement, by the General Partner in a manner consistent with the distribution provisions set out in this Article 14 (Distributions; Allocations). In so allocating the net income or loss, the General Partner shall act reasonably and fairly, taking into account the amount and timing of actual and anticipated distributions to each of the Partners (including the General Partner) and former Partners, with a view to ensuring that, over the term of the Fund, each Partner (or former Partner) is allocated a portion of the Fund's net income that substantially corresponds to the income that is distributed to that Partner (or former Partner).
Allocation of Net Income or Loss. [Tax Returns.]140 include in its computation of income the income or loss of the Fund for tax purposes as may be determined and allocated to it pursuant to this Article 14 (Distributions; Allocations).]
Allocation of Net Income or Loss. Net Income or Loss of the -------------------------------- Partnership for each Fiscal Year or Interim Period shall be allocated to all Partners as a group.
Allocation of Net Income or Loss. Except for adjustments required by transfers or liquidations of Partnership Interests, each item of income, deduction, gain, loss and. credit of the Partnership and each other item required to be separately allocated for federal and/or state income tax purposes, determined in accordance with the method of accounting adopted by the Partnership, shall be allocated among the Partners proportionately in accordance with each Partner’s Partnership Interests.
Allocation of Net Income or Loss a) All Net Income or Loss of the Company attributable to the Company investment in the Fund shall be allocated among the Members in proportion to their Capital Contributions used to fund such investment.
Allocation of Net Income or Loss. (1) Income and loss for taxation purposes, dividends and taxable capital gains, as well as allowable losses, of the Partnership in each Fiscal Year will be calculated and accrued as set forth in this Section 7.1.
(2) The income of the Partnership for a Fiscal Year shall be allocated as to 0.001% of the income, to the General Partner, and as to 99.999% of the income, to the Limited Partners in proportion to the number of Units held by such Limited Partners, all in accordance with this Section 7.1.
(3) The income of the Partnership for each Fiscal Year shall be allocated on a quarterly basis, in arrears, as to the Limited Partners in proportion to the number of Units held by such Limited Partners, adjusted for the dates of purchase and/or redemption, the respective Net Asset Values of each Class and Series of Units and the fees paid or payable in respect of each Class and Series of Units.
(4) The losses of the Partnership for each Fiscal Year shall be allocated on a quarterly basis, in arrears, to the Limited Partners proportionate to the amount equal to each Limited Partner's Capital Contributions minus the losses of the Partnership previously allocated to such Limited Partners, adjusted for the dates of purchase and/or redemption, the respective Net Asset Values of each Class and Series of Units and the fees paid or payable in respect of each Class and Series of Units.
(5) The income or loss of the Partnership for each Fiscal Year, or any part thereof, of the Partnership shall be allocated among the Partners by the General Partner in accordance with this Section 7.1. In so allocating the income or loss, the General Partner shall act reasonably and fairly, taking into account the amount and timing of actual and anticipated distributions to each of the Partners, with a view to ensuring that, over the term of the Partnership, each Partner is allocated a portion of the Partnership’s net income or net loss that substantially corresponds to the distributions to that Partner.
(6) The income and losses of the Partnership for tax purposes in respect of a Fiscal Year shall be allocated among the General Partner and the Limited Partners in the same manner as allocations of accounting income and losses, with such adjustments as are deemed by the General Partner, acting in its sole discretion, to be necessary to effect an equitable allocation of all such amounts. For greater certainty, the General Partner shall be entitled to make allocations of income or loss of the P...
Allocation of Net Income or Loss. (a) For each taxation year where the Partnership has made at least one distribution to the Partners in accordance with Article VI, income shall be allocated pro rata among the Partners in proportion to the distribution(s) made or to be made to the Partners pursuant to Article VI during such taxation year. For each taxation year where the Partnership has not made at least one distribution to the Partners in accordance with Article VI, income shall be allocated pro rata among the Partners in proportion to the highest value of each of their respective Capital Account at any time during such taxation year and in proportion to the number of days the relevant Partner has held its Interest during such taxation year. [ * ] CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.
(b) For each taxation year, losses shall be allocated pro rata among the Partners in proportion to the highest value of each of their respective Capital Account at any time during such taxation year and in proportion to the number of days the relevant Partner has held its Interest during such taxation year.
(c) The Partnership shall allocate to any of the Partners, where applicable, expenses, credits or deductions eligible for tax credits at the discretion of the General Partner and in accordance with the ITA.
(d) In addition to calculating and allocating the Partnership’s income or loss as otherwise provided in this Section 5.6, the General Partner shall calculate items of income, gain, loss, deduction and credit in a manner provided in Section 704(b) of the Code and regulations thereunder, and shall, solely for United States federal income tax purposes, allocate such income, gain, loss, deduction and credit in a manner consistent with the Code and regulations thereunder.
Allocation of Net Income or Loss. The net income or loss of the Partnership for each Fiscal Year shall be allocated between the General Partner and the Limited Partners and among the Limited Partners by the General Partner in a manner generally consistent with the distribution provisions set out in Article 7. In so allocating the net income or loss, the General Partner shall act reasonably and fairly, taking into account the amount and timing of actual and anticipated distributions to each of the Partners (including the General Partner), with a view to ensuring that, over the term of the Partnership, each Partner is allocated a portion of the Partnership's net income that substantially corresponds to the distributions to that Partner.
